Sunday Savings Tip: What is the State of Your 401(k)?

Today is National 401(k) Day. Why not celebrate by reassessing how much you are putting into your 401(k) each month?

A 401(k) is a retirement savings plan where the money going in comes directly out of your paycheck before taxes. Many employers have plans as part of the benefits package offered to employees, and some companies have programs where they also contribute or match funds going into employee 401(k) accounts.

If you have a 401(k) plan through your employer, you should be taking advantage of it and putting in as much as possible. Could you increase your current contribution by one percent? Increasing your contribution by as little as one percent (or more if you can swing it) will make a solid difference by the time you are looking at retirement. If your employer will match your contribution, make sure you are taking advantage of the opportunity as much as you are able.

Happy National 401(k) Day—now go out there and bulk up your retirement savings!